Institutional Finance Update: Addressing Climate-relevant Expenditures and Funding Gaps

In June and July 2019, multilateral development banks (MDBs) and the World Bank Group reported on progress towards increasing climate finance, as the Green Climate Fund (GCF) approved funding for ten new projects and programmes. “Negative expenditures” on the climate in the form of fossil fuel subsidies were highlighted in a joint report by the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA) raising concerns about a global slowdown in reducing fossil fuel subsidies. Informed by this report, G20 leaders reaffirmed their commitment to phase out fossil fuel subsidies.

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